Cushman & Wakefield to Lease Downtown Morristown Building
- Feb 05, 2020
After recently acquiring 21 South Street in Morristown, N.J., The Hampshire Cos. has appointed Cushman & Wakefield to be the exclusive leasing company for the boutique Class A office building. Managing Director William O’Keefe and Vice President Charles Parmelli will take over leasing operations.
Prism Capital Partners is leading extension efforts. Tristate Capital Bank provided The Hampshire Cos. with a $4 million loan for the renovation, public records show. Located in downtown Morristown, the four-story building was completed at the end of the 19th century. The owner intends to renovate the existing 45,000-square-foot structure and add two new floors, bringing it to a total of 70,000 square feet.
In addition to the new floors, the property is set to have a new brick exterior with enlarged windows, a completely refurbished interior and a new core with two new elevators and mechanical systems. The structure will feature a two-story lobby with entrances from both Dehart and South streets. Ground-level retail space will also be available. The building is currently home to a Wells Fargo bank branch.
Recently, the same brokerage team also arranged a 56,530-square-foot sublease at 12 Vreeland Road in Florham Park, N.J. A multinational company now occupies the entire first floor after subleasing it from Nestle.
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